It is interesting to see how the insurance sector is undergoing a phase of digital transformation, which requires the industry to innovate and adapt to changing customer expectations.
Customer retention and loyalty drive more revenue than new customers do. Therefore, having a plan in place to ensure customers stay loyal can increase profits without having to invest a lot of capital on making it happen. Let us look why customer retention is as important as customer acquisition for any business.
Digital technologies have disrupted many traditional business models, by transforming or creating a whole new business model. Uber, Airbnb, Skype, Alibaba, etc. are some of the best examples for the early disrupters who paved the way for new digital business models, thanks to digital disruption/ transformation.